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Largest Saudi Bank Merger to Increase Internal, External Branches

FILE PHOTO: A Saudi man walks outside the Saudi National Commercial Bank (NCB), after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020. REUTERS/Ahmed Yosri/File Photo
FILE PHOTO: A Saudi man walks outside the Saudi National Commercial Bank (NCB), after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020. REUTERS/Ahmed Yosri/File Photo
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Largest Saudi Bank Merger to Increase Internal, External Branches

FILE PHOTO: A Saudi man walks outside the Saudi National Commercial Bank (NCB), after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020. REUTERS/Ahmed Yosri/File Photo
FILE PHOTO: A Saudi man walks outside the Saudi National Commercial Bank (NCB), after a coronavirus outbreak, in Riyadh, Saudi Arabia, March 18, 2020. REUTERS/Ahmed Yosri/File Photo

With the imminent announcement of the start of the operations of Saudi Samba and the National Commercial Bank (NCB) next month, Samba’s Chairman Eng. Ammar Alkhudairy said that the merger would enhance the ability of the new bank to produce and distribute new products and keep pace with the Saudi economic growth within Vision 2030.

During a meeting on Tuesday organized by the Financial Knowledge and Communication Center (Mutamim), AlKhudairy stressed that no employee would be dismissed as a result of the merger, noting that the market value of the two banks would rise by 40 to 50 percent as of the announcement.

Member of the Board of Directors of the Saudi Financial Society, Talaat Hafiz, underlined the importance of the merger in improving the quality of banking services and expanding the product base, as well as creating a great scope for innovation and strengthening the ability to overcome financial challenges facing giant and large entities.

Hafiz noted that the merger came in line with the requirements of the Kingdom’s Vision 2030, which includes 13 programs and mega projects in terms of quality and funding needed for NEOM, The Line, The Red Sea, Qiddiya and others.

Such large projects require large sums, which cannot be provided by medium or small financial entities, which means that this merger will have an impact in supporting mega projects in energy, entertainment, tourism and sustainable development, he emphasized.

In comments to Asharq Al-Awsat, Hafiz said the new entity would confirm the success of the attempts to create an added value for the Kingdom’s economy and development, in light of global economic and financial challenges.

With regard to the impact of this merger on attracting foreign direct and indirect investments, he said: “Attracting investments certainly requires a large market and sources of financing; thus, an entity such as the new merged bank will help support local and foreign investors, and the interest will be reciprocal in view of the size of the combined assets, which are estimated at 837 billion riyals (USD 223.2 billion).”

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Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 
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Saudi Role Pivotal as Syria Hosts Investment Forum in Damascus

The Syria-Saudi Investment Forum in Damascus (SANA) 
The Syria-Saudi Investment Forum in Damascus (SANA) 

In a symbolic and strategic move, Syria and Saudi Arabia took a major step toward deepening economic ties this week with the launch of the Syrian-Saudi Investment Forum 2025, held at the People’s Palace in Damascus. The event brought together top officials from both countries, including Syrian President Ahmad Al-Sharaa and Saudi Minister of Investment Khalid Al-Falih, along with over 120 Saudi investors and business leaders.

The forum marks the most significant Saudi economic delegation to visit Syria in over a decade, and comes amid a broader push by Damascus to attract regional and international investment to rebuild the war-torn country.

Speaking to Asharq Al-Awsat, Osama Qadi, Senior Advisor to Syria’s Ministry of Economy and Industry, described the forum as a turning point.

“Saudi Arabia is helping to write a new chapter in Syria’s economic history,” he said. “The Kingdom is not only a political and security partner, it will be remembered as the driving force behind what could become Syria’s economic miracle.”

Qadi said Saudi Arabia’s presence signaled deep trust in Syria’s post-conflict potential. “This initial delegation of over 120 Saudi business leaders is just the beginning,” he noted. “Minister Al-Falih has committed to encouraging investment not only from the Kingdom but from countries across the globe.”

According to Qadi, Saudi investments send a powerful signal to the international business community that Syria is stable and open for investment.

“The presence of Saudi capital builds trust,” he said. “It shows that Syria is safe, serious about reform, and prepared to welcome global partnerships.”

He emphasized that the large-scale destruction resulting from years of conflict has created opportunities in reconstruction, particularly for real estate developers, contractors, and urban planners.

In this context, he said: “The ruins can be rebuilt into a modern Syria... Before 2011, Syria already had widespread informal housing. Now, we have the opportunity to design cities with green spaces, modern infrastructure, and sustainable architecture - all while preserving local heritage.”

Qadi added that the Syrian government sees this as a chance to rebuild in line with global standards.

“Together with our partners, we can build a Syria of 2025, with smart cities, environmentally friendly construction, and livable communities for the next generation,” he underlined.

The timing of the forum, he noted, sends a strong political message to skeptics.

“Even as some areas of the country, like Sweida, remain unstable and US lawmakers debate the future of the Caesar Act sanctions, this forum shows that serious investors believe in Syria’s future,” he remarked.

Qadi expressed hope that Saudi engagement would trigger a ripple effect, saying: “Together with the Kingdom, we can attract the largest number of investors, companies, and projects. This will create jobs and help Syria become one of the region’s most attractive investment destinations.”

At a press conference Wednesday night, Syrian Minister of Information Hamza Al-Mustafa officially launched the forum under the auspices of the Supreme Council for Economic Development and in partnership with the Syrian Investment Agency. Al-Mustafa praised Saudi Arabia’s role as “a key player in the Arab regional order and a very important global actor.”

He also highlighted the strong historical and cultural ties between the two countries.

“Saudi Arabia holds a special place in the hearts of all Syrians. That’s why President Al-Sharaa’s first official visit abroad was to Riyadh. Syria received a warm welcome and a clear signal of Saudi commitment to our recovery,” the minister stated.

Al-Mustafa further said the forum reflects Syria’s readiness to turn the page.

“After decades of authoritarian rule and economic stagnation, Damascus is now presenting itself as a serious opportunity for investors. The soil is fertile, the environment is right, and we welcome all those who want to be part of Syria’s renewal,” he affirmed.